If you are a Social Security recipient, it is important to know the upcoming payment dates. In this way, you will plan your monthly budget and expenses accordingly. The Administration’s payment schedule tends to follow a few rules. These rules imply that there could be changes from time to time. So, you may occasionally receive a payment in advance.
Therefore, these changes tend to be positive for Social Security beneficiaries because they get their money ahead of schedule, which may come in handy if they rely on this retirement benefit payment. The general rule is that retirees can get their paper check or direct deposit on the third day of the month, or on one of the Wednesdays starting from the second and finishing on the fourth. That is, there could be payment on the second, third, or fourth Wednesday.
No Social Security payment on May 3
Instead of issuing the Social Security payment on Saturday, May 3, the Agency will deposit payments on May 2. Bear in mind that it is not possible to deliver payments on the weekend.
Just like it is not possible to issue them on a Federal holiday. As a result, the Administration has had to reschedule it to May 2, which is the previous business day.
To receive this monthly payment, you must belong to one of these 2 groups:
- Retirees who have been collecting Social Security since before May 1997
- Retirees who are receiving retirement benefit payments and Supplemental Security Income simultaneously
Those seniors who do not belong to this group may get their monthly payment on May 14, 21, or 28. So, if you were born from the 1st to the 10th, you get them on the 14th. From the 11th to the 20th, on the 21st, and the rest on the 28th.
Social Security average and maximum amounts in May
The maximum amount a 62-year-old can receive in May is $2,831. If you filed at Full Retirement Age, you can get up to $4,018 in 2025. Only retirees who claimed benefits at 70, worked for 35 years in jobs covered by SSA, and earned the taxable maximum all those years can get up to $5,108 in 2025.
Since these maximum amounts are infrequent, most readers may be keen to know the average payment amounts. Social Security claims that retirees get about $1,980 on average.
Remember that the earlier you file for Social Security, the lower your monthly payment may be. Seniors who file at 62 get a 30% reduction. On the contrary, if you decide to file at 70, you get 24% extra.
Any retiree whose benefits and resources are low can apply for SSI. SSI is the Supplemental Security Income program, and it helps seniors aged 65 or older get extra money every month to be able to make ends meet.
